Nifty Important levels and trade plan for Thursday, 22nd DecembeIn daily time frame Nifty is bearish after today’s fall forming an engulfing candle, and we may expect a continuation in current trend, but not too deep, unless there is no other external impact, and will depend purely on the tomorrow’s opening.
18477, 18385, 18315, 18238 will be the important levels of concern in upside, and 18162, 18115, 18061, 17981 will be the levels in downside. Tomorrow will avoid a directional trade between 18315 and 18238.
Now, if tomorrow, Nifty opens flat or slight gap up below 18238 we may expect the continuation of downtrend, may enter into bearish trade, with limited quantity up to 18162, and below 18162, can go with full quantity.
For upside move, we may enter into bullish trade above 18315, based on price action in 15-minute time frame. And accordingly, may expect reversal from 18385 or 18477.
Similarly, a reversal can be expected, from 18061 or 17981, and we may plan our trades, based on price action if Nifty reaches those levels tomorrow.
Though Oi data is negative but Nifty still has some breathing space in both directions, with considerable open interest present in 18300 to all upside levels and strong OI support at 18000 level.
So, in first half, if Nifty tries to move upside, then we may expect a strong resistance, so can expect a quick reversal, but if after opening, it started a downside move may expect the move to continue quite some distance.
**All support/resistance levels depend on PDH/PDL, breaking either side may change the levels plotted*
**Time of plotting the levels and planning 21st December, 9:25 PM**
***Personal opinion, not a trading advice***
